Corona Virus damage China’s Economy After Decades
China’s economy suffered losses in the first quarter after decades
According to a report by the British Broadcasting Agency BBC, official data shows that the world’s second largest economy has shrunk by 6.8 percent.
China is the world’s largest player in the world’s production, exports and imports, but in view of the Chinese economy, the Corona virus has also raised concerns for other economies.
According to the report, this is the first time in the Chinese economy in the first three months of the year since 1992, when the loss was adjusted.
Yui Xu, a member of the Economist Intelligence Unit, said that “restricting GDP from January to March will have a lasting impact on the effects of bankruptcy and unemployment of small companies”.
The report said that China’s economic growth in the first quarter of last year was strong at 6.44 percent and that the economic war with the United States was going on and its effects were taking place.
Considering that China’s annual growth rate has been around 9 percent for the past two decades, experts have been raising questions about the accuracy of the figures.
After the Corona virus came out, China established long lockdowns and quarantine centers, introducing stringent measures to prevent the spread of the virus.
Economists believe that China’s economy has worsened the economy, but the figures that have come out are far more than concerns.
According to a recent report released by China, factory output was up one percent in March, while life in China was gradually recovering.
Retailers’ revenue fell 15.5 percent last month, mainly due to shoplifting in homes.
According to the official report, the unemployment rate in China was 5.9 percent in March, but it was slightly better than in February as the unemployment rate in February reached a high of 6.7 percent.
BBC analyst Robin Bryant, based in Shanghai, said the worst decline was that the virus had an impact.
It should be remembered that the Corona virus first appeared in Hubei province of China in December 2019 and its capital city Wuhan was worst hit, where a lockdown was carried out for 11 weeks.
Chinese experts admitted in a report that Corona’s patients appeared only in November 2019, but their disease had not been diagnosed and it took the experts some time to identify the disease.
Due to the rapid spread of the Corona virus, Chinese authorities initially shut down Wuhan in the early part of January 2020 and restricted citizens to homes, but later closed the city in full lockdown.
Lockdown caused Chinese authorities to overcome the Corona virus, and for the first time on March 19, 2020, no new Corona case was reported from the city of Wuhan.
Chinese authorities allowed citizens to partially exit on March 22, beginning to end the lockdown from Wuhan.
The first train arrived in Wuhan on March 22, just before the start of the lockdown by authorities, and thousands of people from other cities arrived on the job two months later.
So far the total number of Corona virus cases in China is 82,719, while 4,632 people were killed and 77,029 people recovered.
The number of people currently under treatment in China has shrunk to 1,058.
Originally published at https://zaviews.blogspot.com.